Real Estate

Ottawa Real Estate market discussion

  • Last Updated:
  • Dec 3rd, 2020 12:03 pm
Member
Apr 18, 2017
495 posts
214 upvotes
Ottawa
Dynatos wrote: We're a dual income youngish couple.

We bought in November 2019. We confirmed our financing risk with our mortgage broker to ensure we could still afford the price (i.e., cover the price over list out of pocket) in the unlikely event the house was assessed below our offer. We also did a pre-offer inspection. We then bid $70k (12%) above asking with no conditions and were successful, by reportedly only a few thousand dollars, against 4 other bids.

At the time of financing a month later, it was assessed at a higher value than we paid, so we only had to fork over the 20% to secure the mortgage. Had it been assessed at, say, list price, we would have had to fork over 20% of the assessed value + the difference, which would have been around $60k more.
Lol exact same scenario as us. Paid $70K over asking in March 2020 in Elmvale Acres. We've been told that our house is now worth 30-40K than what we paid for it.
Deal Fanatic
Dec 28, 2006
6034 posts
571 upvotes
Kanata
How much does the town house increased?
HotDealBreaker wrote: Minto just updated pricing for its new release in Arcadia.
For 30' singles, price increased $100,000 since April 2020.
For 36' singles, price increased $80,000 since April 2020.
Now a 1436 sf single home priced at $619,900. It was $519,900 five months ago.
Sr. Member
May 23, 2017
845 posts
589 upvotes
arbytor wrote: seen this many times. I was waiting for a house to go viewing on my street when it finally was to come on MLS. It never did and I was never able to find the sold price.
If it's been a few months you can try looking up the address on MPAC now, they may have updated the house with the newest sold price. I believe that's the only way to find out with off-MLS sales.
Deal Addict
Oct 24, 2010
1086 posts
827 upvotes
Ottawa
xxxronjames wrote: Lol exact same scenario as us. Paid $70K over asking in March 2020 in Elmvale Acres. We've been told that our house is now worth 30-40K than what we paid for it.
Hi neighbour.

Ours was redone on the inside 6 years ago, but they neglected the outside a bit. We've put $30k into it now (roof, attic upgrade, soffit, fascia, gutters, backyard re-grade and interlock lift/re-lay, some minor electrical), and plan another $20-30k next year (brick, siding) to completely overhaul the exterior.

But we're also pretty sure it's worth at least $50k more than we paid, even without those investments, when looking at recently sold comparables.
Newbie
Jul 15, 2019
63 posts
47 upvotes
rivet wrote: How much does the town house increased?
Sorry I don't know. Hopefully another RFDer can share his/her findings.
Member
Jul 15, 2019
366 posts
255 upvotes
NomNomNom wrote: Any idea how much it increased since the last release and/or how much the 43" were impacted?

Also, can I just say - "CRAZY!"! Do Minto builds typically include premium finishes as standard? How are their upgrades priced compared to competition?
The standard at Minto really is standard. From my knowledge.
Member
Jul 15, 2019
366 posts
255 upvotes
rivet wrote: How much does the town house increased?
I don't have the details from the last release, but I can tell you the change since May 2019. For reference, the Tahoe end went for $434,900 then and now goes for $554,900. Laguna was $412,900 and now goes for $532,900.

May not be exactly what you are looking for, since you wanted info since last release but hopefully it's helpful.

Idk when this price was listed here : https://www.buzzbuzzhome.com/ca/arcadia ... /lagunaend this one also shows sold on 05/06/2020 For $487,900, and this now goes for $542,900. I do not know how many releases happened since May though.

Haven was sold in August for $506,900 and it now goes for $519,900
Deal Addict
Jul 7, 2007
1089 posts
624 upvotes
freeman93 wrote: I don't have the details from the last release, but I can tell you the change since May 2019. For reference, the Tahoe end went for $434,900 then and now goes for $554,900. Laguna was $412,900 and now goes for $532,900.

May not be exactly what you are looking for, since you wanted info since last release but hopefully it's helpful.

Idk when this price was listed here : https://www.buzzbuzzhome.com/ca/arcadia ... /lagunaend this one also shows sold on 05/06/2020 For $487,900, and this now goes for $542,900. I do not know how many releases happened since May though.

Haven was sold in August for $506,900 and it now goes for $519,900
I bought a Laguna during Feb 2020 peak when it was 467k. Now its 14% higher 7 months later.

May 2019 (412,900) to February 2020 (467,900) = 13% increase over over 9 months
February 2020 (467,900) to September 2020 (532,900) = 14% increase over 7 months

Post-COVID gains have been faster than pre-COVID gains.
Newbie
May 25, 2020
45 posts
26 upvotes
Ottawa
jk9088 wrote: If it's been a few months you can try looking up the address on MPAC now, they may have updated the house with the newest sold price. I believe that's the only way to find out with off-MLS sales.
The price for private sales also ends up on geo warehouse, similar to MPAC though you have to wait a few months and youll have to find an agent/brokerage with a subscription to it to have them to look it up for you
Jr. Member
Jan 10, 2012
181 posts
45 upvotes
Ottawa
HotDealBreaker wrote: Minto just updated pricing for its new release in Arcadia.
For 30' singles, price increased $100,000 since April 2020.
For 36' singles, price increased $80,000 since April 2020.
Now a 1436 sf single home priced at $619,900. It was $519,900 five months ago.
To complete it, the 43' singles price increased by 90k from April.
Member
May 23, 2007
442 posts
136 upvotes
Kanata
Ottawa is turning into a sad state. Really sad.

If you buy in Arcadia today, when are the homes closing?
Jr. Member
Jan 10, 2012
181 posts
45 upvotes
Ottawa
z613 wrote: Ottawa is turning into a sad state. Really sad.

If you buy in Arcadia today, when are the homes closing?

It was 2nd half of 2021 for the last release. Not sure about the upcoming one.
Newbie
Aug 25, 2010
98 posts
69 upvotes
z613 wrote: Ottawa is turning into a sad state. Really sad.

If you buy in Arcadia today, when are the homes closing?
Late winter/early spring 2022. Dates and premiums for tomorrow's release attached...
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Newbie
Jul 15, 2019
63 posts
47 upvotes
Just find same 43' singles in Minto's Avalon in orleans are $80,000 higher than those in Arcadia. Anyone knows why the difference?
Jr. Member
Jan 10, 2012
181 posts
45 upvotes
Ottawa
HotDealBreaker wrote: Just find same 43' singles in Minto's Avalon in orleans are $80,000 higher than those in Arcadia. Anyone knows why the difference?
The lots are backing onto pond. Maybe lot premiums are included in the price?

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